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Industry Voices
 
The impact of demonetisation is showing to be transient and we are likely to reach higher growth levels in the coming quarters. Most large businesses have made efforts to integrate their supply chains into cashless payment systems and this will soon yield benefits in terms of higher efficiency and productivity of the economy. The economy is on a positive trajectory. With some help from the external environment, the economy is likely to see higher growth in FY2018. 
Dr Naushad ForbesPresident, CII, 2016-17

The Finance Minister is to be complimented for delivering a prudent and pragmatic Budget that caters to most sectors of the economy. Industry welcomes the cut in personal and corporate income tax rates.The economic reform agenda continues at a rapid pace, with abolishing of FIPB and move for time-bound listing of CPSEs. The Budget focuses on measures to increase transparency with a broad strategy to put in place the mechanisms and institutions for the future of the country, including through digitalization and formalization of the economy.  Adherence to the fiscal prudence imperatives will lay the foundation for long term growth and CII appreciates this commitment.  The significant increase in infrastructure investments by 16 per cent to Rs 3.96 lakh crores would create demand for upstream and downstream sectors. It would also generate new employment opportunities, especially through high spending in transport infrastructure pegged at Rs 2.4 lakh crores. The high importance to credit for farmers and micro-irrigation through a dedicated fund as well emphasis on rural economy will unlock demand in the villages, adding to overall private consumption levels.  We would have liked to see lower corporate income tax for all companies, given that large companies contribute significantly to investments and employment. And the additional surcharge on high-income tax payers detracts from the principle of honouring honest tax payers. 
Dr Naushad ForbesPresident CII 2016-17

The budget should be judged on how it enhances the long term potential of the economy. We must drive the structural reforms needed for double digit growth for a generation, so as to include many more millions in our progress. 
Dr Naushad ForbesPresident CII 2016-17

On behalf of CII, I congratulate Mr N Chandrasekaran (Chandra) for being appointed the Chairman of Tata Sons. As the leader of one of the highest value creating companies in the world (TCS), he has been a tremendous driving force for the Tata Group and is universally admired and respected. In CII, we have had the privilege of his involvement in a number of initiatives and look forward to working with him even more closely as he starts his journey of leading the largest business group of the country. His impeccable record in financial achievements and standards of corporate governance would, no doubt, set new benchmarks for Indian and global industry. We wish him all the very best.
Dr Naushad ForbesPresident CII 2016-17

By the year 2026, 64.8% of India’s population is expected to be in the working age bracket- leading to a huge demographic dividend that needs to be harnessed for economic growth. CII is making concerted efforts to address this through its various on-ground initiatives. One such initiative is the CII Chhindwara Skill Training Centre which is soon turning into a multi-skill centre of excellence.  
Dr Naushad ForbesPresident, CII, 2016-17

Prime Minister Modi’s epochal move to stamp out black money once and for all means a definitive and impactful end to the parallel economy and wider use of cashless transactions. The Prime Minister’s address to the nation clearly mentions his vision and objectives for introducing the unusual and innovative move of making Rs 500 and Rs 1000 notes not legal tender any more. It sends out the strong message that corruption and underground transactions will no longer be tolerated. Prime Minister’s resolute action infuses huge confidence among honest tax payers, legal industry and the public at large that India means business when it comes to halting corruption and black money. 
Dr Naushad ForbesPresident, CII, 2016-17

Our primary focus areas with the United States have been standards, manufacturing competitiveness, defense collaboration and mobility of high skilled labor. We look forward to working with the Trump administration to further cement this critical partnership. 
Dr Naushad ForbesPresident, CII, 2016-17

To raise the share of manufacturing in India’s GDP, the sector must grow at double the average rate of the past 25 years and technology would be integral to the effort. There is need for Indian educational institutions to raise the share of their expenditure on R&D from the current 4% to 20% of total R&D expenditure, while private firms must increase their share from the present 0.3% of GDP to 1.5%.
Dr Naushad ForbesPresident, CII, 2016-17

Demonetizing high denomination notes can be an effective means of checking accumulation of wealth in cash. The government has taken a measure aimed at the heart of the black cash economy.  CII congratulates the Prime Minister and the government for this step.  Not only is the measure important but it requires extensive preparation for effective execution.
Dr Naushad ForbesPresident, CII, 2016-17

On the ground, there have been significant changes in Ease of Doing Business which are insufficiently captured in the latest World Bank Doing Business rankings. The Government has made much effort to improve the investment climate through a range of measures, including small enterprises, labour regulations, environmental clearances, and company registrations, among others. This year’s Doing Business report takes into account the position as of June 1, and therefore does not include crucial changes such as GST and the Insolvency and Bankruptcy Code which are taking effect later.  The Doing Business report recognizes India’s reforms in key parameters, but measures the investment climate only in Delhi and Mumbai.  Many reforms that have taken place with the monitoring of DIPP at the state level are not considered and do not reflect in the countrywise ranking.  CII has been working closely with all stakeholders including the World Bank, DIPP, and state governments as also industry to identify and resolve roadblocks to Ease of Doing Business. We find that the situation has significantly improved and we appreciate DIPP’s constant focus on improving the investment climate.  The spirit of competitive and cooperative federalism is kindling focus by states on attracting investors by building facilitative investment climates. As these procedures take time to evolve across the country, we are confident that the World Bank Doing Business Report in later years would reflect the improvement in Ease of Doing Business. 
Dr Naushad ForbesPresident, CII, 2016-17

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